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The Russian-led Eurasian Economic Union (EEU) remains Armenia’s top trade partner with a trade turnover of approximately $7.7 billion in 2023, economist Mikayel Melkumyan highlights, adding that Armenia’s trade turnover totaled to $20.5 billion last year.

The EU is Armenia's second largest trade partner with a turnover of $3.6 billion, followed by the UAE and China.

Speaking at a debate on Tuesday, Melkumyan insisted on the need to maintain the economic status quo as he referred to the latest parliamentary hearings on a referendum for Armenia’s membership in the European Union.

“It begs the question whether the EU is waiting for Armenia or whether Armenia has the necessary economic potential,” said Melkumyan, a former opposition MP.

He believes Armenia’s EEU membership should not prevent the development of its ties with the EU, at the same time pointing to the EEU’s political component.

"The EU is also a political and economic alliance, but we cannot hold simultaneous membership in two economic unions, it's simply ruled out," the economist stated.